Togo is actively seeking to raise CFA30 billion on the West African Economic and Monetary Union (WAEMU) public securities market through a simultaneous issuance of fungible treasury bonds (OATs) and fungible treasury bills (BATs), which will close on April 26th.

As detailed in the tender document reviewed by Togo First, Lomé plans to secure CFA15 billion through BATs with a nominal value of CFA1 million, multiple interest rates, and a maturity of 364 days. The remaining CFA15 billion will be raised through OATs, featuring a nominal value of CFA10,000, an annual interest rate of 6.15%, and a maturity of three years.

The coastal nation aims to utilize these funds to finance its 2024 budget, which is balanced at CFA2,179 billion.

Esaïe Edoh

The Togolese Ministry of Trade and Local Consumption is conducting a comprehensive study of the country's digital markets. For this project, the Ministry collaborates with the Economic Community of West African States' Regional Competition Authority (ARCC).

The study  aims to evaluate competition and consumer welfare in Togo’s digital industry. According to the ARCC, it will provide valuable insights into this rapidly evolving market driven by innovation and shifting consumer preferences.

To gather crucial data, the Ministry of Trade urges users of e-commerce and digital financial platforms to fill the forms it issued as part of the study. Both e-commerce and digital financial platform users are encouraged to participate. The deadline to fill the forms is April 26, 2024.

The study falls under a larger project aimed at implementing regional competition regulations.

Ayi Renaud Dossavi

The Economic Community of West African States (ECOWAS) has dispatched a delegation to Togo, in the framework of the upcoming regional and legislative elections.

The seven-people team is led by Maman Sambo Sidikou, former African Union Representative to Mali and the Sahel. They will conduct a pre-election assessment, in line with community texts, and will, to this end, engage with stakeholders in the electoral process.

"This includes officials from state institutions and agencies, political parties, the election management body, civil society organizations, media, and partners," as stated in a press release on April 16, 2024.

After meeting with these stakeholders, the ECOWAS delegation "will submit a detailed report and recommendations to the President of the ECOWAS Commission. And the President will decide on appropriate measures to be taken, including the deployment of an Electoral Observation Mission (EOM) for the legislative and regional elections," the press release added.

The delegation will stay in Togo until April 20, nine days before the vote scheduled for April 29.

A total of CFA650 million has been disbursed for the ongoing political campaign ahead of the April 29 regional and legislative elections in Togo. The news was disclosed on April 15 by the Ministry of Territorial Administration, which made the disbursement. 

Of this sum, 325 million FCFA will fuel legislative election campaigns, while the rest will bolster regional contestants. Notably, 65% will be evenly divided among validated candidate lists, with the remaining 35% distributed based on vote shares, favoring lists securing at least 10% of votes.

The Ministry of Territorial Administration and the Ministry of Economy and Finance "assure readiness to facilitate fund disbursements, offering confidence to political players".

 Esaïe Edoh

Togo has launched into a two-week campaign frenzy ahead of its legislative and regional elections, commencing nationwide on April 13.

With over 2,300 candidates contending for the 113 deputy seats and 284 competing for regional council positions, the political landscape is bustling with activity.

The campaign will wrap up on Saturday, April 27th, 2024, 48 hours before the polls on Monday, April 29th, 2024. Notably, the Togolese Armed Forces, security forces, paramilitary forces, and operational reserve will vote early on Friday, April 26th, 2024.

These electoral deadlines were slightly postponed amid discussions surrounding proposed constitutional changes by the National Assembly. These changes aim to transition the country to a fifth republic and a parliamentary system. The revision has undergone national consultations led by Assembly members across the nation, fostering ongoing public discourse.

Ayi Renaud Dossavi

At the end of 2023, the implementation status of reforms reflected a physical completion rate of 73.6% and a financial execution rate of 61.9%. These figures were extracted from the national review of reform implementation across ministries and state institutions.

Chaired by Kpowbié Tchasso Akaya (pictured), Secretary General of the Ministry of Economy and Finance, representing the overseeing minister, the review convened via video conference. It regrouped around one hundred stakeholders including ministerial departments, state institutions, the private sector, civil society, and technical and financial partners.

The assessment zeroed in on priority reforms outlined in the roadmap and the management of public finances.

In percentage terms, the 2023 results represent a marginal dip compared to 2022, where the physical completion rate stood at 75% and the financial execution rate at 68%.

Some of the recommendations made by experts to improve the figures include launching an observatory for the quality of financial services, and better monitoring public companies. The observatory, the experts believe, will ensure compliance with both the cost and quality of services provided to citizens by banks and insurers.

Ayi Renaud Dossavi

Ecobank, a top Togo-based financial institution, has been crowned the best African bank for Small and Medium Enterprises (SMEs) for the third year in a row. This esteemed recognition was awarded by Global Finance during the SME Bank Awards in London, UK, in February, highlighting Ecobank's unwavering commitment to meeting SMEs' needs across the continent. 

Carol Oyedeji, Ecobank's Acting Group Executive Commercial Banking, emphasized the importance of this achievement, stating, "This award underscores Ecobank's strong support for African SMEs, enabling them to flourish and seize intra-African business opportunities under the AfCFTA." 

Ecobank's third consecutive win is a testament to its comprehensive range of banking solutions, payment services, cash management, and financing options tailored to businesses. The bank also offers non-financial support, such as business management training, skills development, and a platform connecting merchants, buyers, sellers, and suppliers across Africa. 

Strategic partnerships, including a $200 million risk-sharing agreement with the African Guarantee Fund and a $32.8 million loan facility with the Eco. Business Fund and the SANAD Fund for SMEs have bolstered Ecobank's lending capacity to meet SMEs' financing needs in recent months.  

This recognition is the latest in a series of accolades awarded to Ecobank, including the Bank of the Year title in multiple countries on several occasions. It solidifies Ecobank's position as a key player in driving sustainable development and financial inclusion in Africa.

Esaïe Edoh

The Togolese government has announced the suspension of the "Express Mode" for visa delivery on entry to the country, effective April 12, 2024. The decision was made by the Minister of Security and Civil Protection, Calixte Madjoulba, who also announced new measures for obtaining visas. 

"All travelers requiring a visa to enter Togo must apply for a visa at least 7 days before the planned date of travel and obtain an electronic visa confirmation code before departure," stated Madjoulba in a statement obtained by Togo First. 

This change aims to streamline the visa application process and ensure that all necessary checks are completed before travelers arrive in the country. The Togolese government has advised airlines and other travel companies to ensure that all passengers have obtained the necessary visas before boarding flights to Togo. 

The "Express Mode" system was introduced in 2022 to facilitate visa applications for travelers who submitted their requests less than seven days before arriving in Togo. However, the Togolese government has now decided to suspend this system and require all travelers to apply for visas in advance.

Esaïe Edoh